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r 83-005237 L UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: ;I, Payment of Prln<i.... and .Inlerest. Borrower shaU promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Deed of Trust. 2. F'moth for T_ and I........."ee. Subject to applicable law or to a wrillen waiver by Lender, Borrower shall pay to lender on the day monthly installmenls of principal and interesl are payable undertheNote, until the Note is paid in full, a sum (herein' "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority oyer this Deed of Trust, and ground rents on the Property, if any, plus one-twelfth of yearly premium inslaUmenlsfor hazard insurance, plus one-twelfth ofyearty premium installments for mortgage insurance, if any, all as reason-ably estimated initiaJJy and froni time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insll;red or guarantee~ by .3 f'e9:eral or state agency (including Lender if lender is sueh an institution). lender shaU apply the Funds to pay said laKes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account or verifying. and-compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of" this Deed of Trust that interest on the Funds shan be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, I.-ender shall not be reqlJir~d to pay Borrower any interest or earnin~s on the ~unds'. Lende'r shall give to Borrower. without charge, an annual accounting of the Funds showing' credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Deed of Trust If the amount of the Funds held by lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shan exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall duc, such excess shall be, at Borrower's optian, dther promptly repaid to Borrower or credited to Borrower 00 monthly installments of Funds: If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums. and ground rents as they faU -due. Borrower shall pay to lender any amount necessary to make up the deficiency within 30 days from the date noticeds ,mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Deed of Trust. Lender shall promptly refund to Borrower, any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shaH apply, no later than immedtately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Deed of Trust. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4, Chuces; Liens. Borrower shall pay all taxes.. assessments and other charges. fines. and impositians attributable to the Property which may attain a priority over this Deed of Trust. and leasehold payments or ground rents. if any, in the manner provided under paragraph 2 hereof Qr, if not paid in such mann~r. by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Deed of Trust; provided, that Borrower shaH not be required ta discharge any such lien so long ~~s Borrower shan agree in wriiing [0 the payment of the obligation secu~ed by such lien in a manner acceptable to Lender, or shaH in good faith con lest such lien by, or defend enforcement of sllch lIen in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard IlISIIraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the tenn "extended coverage", and such other hazards as Lender may require and in such amount$ and for such periods as Lender may require; provided. that Lender shall not require that the amount of ~uch coverage exceed that amount of coverage required to pay the sums secured by this Deed of Tmst. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Le,nder; provided. that such approval shall not be unreasonably withheld. All premiums on insurapce policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the insurance carrier. AU insurance policies and r~newals thereot shaH be in form acceptable to Lender and shall include a standard mortgage dause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, ins.urance proceeds shali be applied to restaration or repair of the Property damaged, provided such restoration or repair is e.-::onomically feasible and the security of this Deed of Trust is not thereby impaired. If such reitoration or repair is nOI economically feasible or if the security of this Deed of Trust would be impaired~ the insurance proceeds shall be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Harrawer fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect aDd apply the insurance proceeds at Lender's option either to re..litoration or repair of the Property or to tbe sums secured by this Deed of Trust. Unless Lender and Borrower otherwise agree in writing, any such applka(jon of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments, If under paragraph I g hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to an)' insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shan pass to Lender to the eKtenl of the sums secured by this Dec-d of Trust immediately prior to such sale or acquisition. 6. P.-rvallon and Malalenance of Property; Leasebolds; Cnndominiums; Planned Unit Develnpments. Borrower shaH keep the Property in ,good repair and shall not commit waste or permit imp4iirmcnt or deterioration of the Property and sball comply with tbe provisions of any lease if this Deed of Trust is on a leasebold. If this Deed of Trust is on a unit in a condominium 0' a planned unit development, Borrower shall petform an of Borrower's obligations under the declaration or covenapts creating or governing the condominium or planned unit development, the by.i-aws and regulations of the condo~in~um. or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with thjs Deed of Trust, the covenants and agreements of such rider shall be jncorporated into and shall anlt~nd and supplement the covenants and agreements of this Deed of Trust as if the rider were a part hereof. 7. Protectiou of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this ~ of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including,. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedingli jnvolving a bant.rtipt-or decedent,. rhea Lender at l.ender"s option. upon notice to Borrower, may make such appearances, disburse such surn,s: arid take _ such action as is necessary to protect Lender's interest, including, hut not limited to, disbursement (If retd9nable allQroCy's fees and enlry upon tbe Property to make rcpain>. If Lender required morlgage insurance as. a condillon of making the loausecured by thi, Deed of Trus~ Borrower ,han pay tbe premiums required to maintain such i~~_ in effect ~til such time_ as the requirement for such insurance termin.lles in accordance with Borrower's and Leoder..... ....... w,-ittc.n.....--. .. nt_or applicable. law. BQrrower shall pay the amount of all mortgage insurance premiums in the mlUl~rprovided ltlider para,raph 2 hereof. ^-~ ~_ts disbut'led. by Lender_ pursuant to this paragraph 7, with interest [hereon. shaH llC(;ome additional iodebt~ofBorrower secured by this Deed of Trust. Unless Borrower and lender agree to other tcrms of payment, such _u.s/llI1lbc payable upon notice f~om Lender to Borrower requesting payment thereof, and shall hear interest frum the .w. of d!iIbu~llll the: 'lIe payable from time to time on outstanding principal under the Note unl..s payment of intere,t al !IlIcll rate would be> ronttary to applicable law, in. which .vent ,uch amounts shall bear interest at the highest rate per~ und.,r applicable law. Nothing c<>ntained in this paragraph 7 shall require lender to incur any '''pense or take any ~..;:~' &,_ ',_ -: ", _',.' _ l..tnder, may_ mak~ Of cause _(0 be made teawnable entries. upon Oind inspc<:lil)fls of the_ Propcrty. pn.wid-Cti ~hlt_ l~.)badl pc 8<>rrower noUce p6Ul to an')' such inspe~[ion spcx:-iJying reiUollabk "ause thcr-eh..)t related to- L-emJa\ ,mer_ in iht 1'1:_'1'.